Legal Troubles Continue for Michael Jackson

Financial woes, family loyalty and legal problems continue to vex the self proclaimed King of Pop.

Jackson is being sued by Prescient Acquisition for $48 million, according to the New York Daily News. The Hackensack, N.J. finance company is owned by Darien Dash, cousin of hip-hop mogul Damon Dash. The company is suing Jackson in Manhattan Federal Court. The pop singer's financial records are detailed in the federal lawsuit scheduled to start this week.

Dash's lawyer Steven Altman alleges that the singer owes Prescient Acquisition for helping him refinance a $272 million bank loan and securing $573 million in financing to buy out Sony's half of the Beatles' song catalog that Jackson co-owned.

The Grammy award winning singer is fighting back by placing the blame elsewhere. In defense of these charges, Michael Jackson claims he does not remember signing any agreement and he never met Darien Dash.

Michael Jackson is accusing his brother Randy of shady financial dealings. Jackson claims during his battle against child molestation charges back in 2005, he was nearly double-crossed out of his fortune. He also claims that the wise advice of the Reverend Jesse Jackson and billionaire Ron Burkle kept him from being totally swindled by those closest to him.

Michael Jackson names a man close to his brother Randy Jackson as the lead culprit, in disposition transcripts obtained by the New York Daily News.

The Gloved One states that Randy brought in Don Stabler, who pressured him to sign off on a multi-million dollar financing deal. Stabler, according to Jackson was persistent. He even went as far as to question Jackson's loyalty to his African American heritage.

Jackson then called in help from former President Bill Clinton's billionaire pal Ron Burkle, who then in turn brought in Reverend Jesse Jackson. Burkle had warned Jackson not to sign anything.

The New York Daily News quotes Michael Jackson from court documents regarding Don Stabler's reaction:

"[Stabler] said, 'What's the problem? You're not down, you're with the Jews now. You're not down with blacks anymore."

Jackson goes on to say that Stabler's remarks were "unkind", "mean spirited" and "nasty". He also points out that his brother Randy was not too happy with him disregarding their business proposal.

This was not the only incident where Randy Jackson and Don Stabler tried to get the King of Pop to sign off on a deal. Another unpleasant incident occurred on the Neverland Ranch in the presence of their mother, Katherine Jackson.

SOURCE:

ZAMBITO, T. (2007/06/17). World of Jax & robbers . Retrieved June 17, 2007, from nydailnews.com Web site: http://www.nydailynews.com/gossip/2007/06/17/2007-06-17_world_of_jax__robbers_.html